WHLR on Nasdaq

Wheeler Real Estate Investment Trust, Inc.

Wheeler Real Estate Investment Trust, Inc. is a Maryland corporation formed on June 23, 2011 in connection with the Company's initial public offering.4 From its latest annual report

Price unavailable

Last updated Oct 19, 2026.

Overview

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  • TickerWHLR on Nasdaq2
  • IndustryReal Estate Investment Trusts2
  • HeadquartersVirginia Beach, United States2
  • Incorporated inMD3
  • Business addressRiversedge North, 2529 Virginia Beach Blvd., Suite 200, Virginia Beach, Va 234523
  • Filer categoryNon-accelerated filer, Smaller reporting company3
  • Legal formINCORPORATED2
  • LEI5493005TOFFG62ETJY292
  • StatusActive2
  • LEI statusLapsed (not renewed)2
  • Registered addressC/O National Corporate Research, Ltd., 21093 Timonium, United States2
  • Registered withBusiness Services (Maryland Department of Assessments and Taxation), D141770752

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Wheeler Real Estate Investment Trust, Inc. is a Maryland corporation formed on June 23, 2011 in connection with the Company's initial public offering. The Trust serves as the general partner of Wheeler REIT, L.P. (the "Operating Partnership"), which was formed as a Virginia limited partnership on April 5, 2012. Prior to the Cedar Acquisition (as defined below), substantially all of our assets were held by, and all of our operations were conducted through, our Operating Partnership. At December 31, 2025, the Company owned 100% of the Operating Partnership.4 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

2468.4%Operating margin5
500.9%Net margin5
-19.2%Revenue growth, 20255
3747.9%Return on equity5

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Base Rent brought in 73% of the revenue Wheeler Real Estate Investment Trust, Inc. broke down this way in fiscal 2025.

  1. Base Rent$69.1M573%down 6% from 2024
  2. Tenant Reimbursements$24.4M526%up 2% from 2024
  3. Other Services$1.7M52%down 10% from 2024
  4. Lease Termination Fees$34.0K50%down 87% from 2024
Products and services by year
Products and services20242025
Base Rent$73.4M$69.1M
Tenant Reimbursements$24.0M$24.4M
Other Services$1.9M$1.7M
Lease Termination Fees$267.0K$34.0K

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Income tax0¢$26.0K
  • Profit100¢$8.8M

Out of $1.8M in revenue.5

Where each dollar of operating cash went, fiscal 2025

  • Dividends paid31¢$6.6M
  • Kept or used elsewhere69¢$14.6M

Out of $21.1M of cash from operations.5

Financial statements

Revenue6789105$1.8M in 2025+143% since 2019
0$1.0M$2.0M$3.0M2019: $720.0K$720.0K20192020: $964.0K$964.0K2020+34%2021: $942.0K$942.0K2021−2%2022: $1.4M$1.4M2022+54%2023: $2.0M$2.0M2023+37%2024: $2.2M$2.2M2024+9%2025: $1.8M$1.8M2025−19%
Operating income6789105$43.2M in 2025+298% since 2019
0$20.0M$40.0M$60.0M2019: $10.9M$10.9M20192020: $18.4M$18.4M2020+70%2021: $19.5M$19.5M2021+6%2022: $24.6M$24.6M2022+26%2023: $29.4M$29.4M2023+20%2024: $37.5M$37.5M2024+28%2025: $43.2M$43.2M2025+15%
Net income6789105$8.8M in 2025
-$20.0M-$10.0M0$10.0M2019: -$8.0M-$8.0M20192020: $245.0K$245.0K20202021: -$9.4M-$9.4M20212022: -$12.5M-$12.5M2022+32%2023: -$4.7M-$4.7M2023−62%2024: -$9.6M-$9.6M2024+106%2025: $8.8M$8.8M2025

Every line of the income statement as filed: the last 2 fiscal years, latest first.5

Period ending2025-12-312024-12-31
Rental revenues$97.7M$102.4M
Other revenues$1.8M$2.2M
Total Revenue$99.4M$104.6M
Property operations$33.0M$35.3M
Depreciation and amortization$22.9M$25.3M
Impairment charges$2.9M$1.2M
Corporate general & administrative$11.7M$10.8M
Total Operating Expenses$70.6M$72.6M
Gain on disposal of properties, net$14.4M$5.5M
Operating Income$43.2M$37.5M
Interest income$964.0K$460.0K
Unrealized gain on investment securities, net - related party$0$840.0K
Interest expense-$33.8M-$32.6M
Net changes in fair value of derivative liabilities$4.7M-$8.3M
Loss on conversion of Convertible Notes-$902.0K-$412.0K
Gain on preferred stock redemptions$1.5M$4.7M
Other expense-$928.0K-$1.5M
Net Income Before Income Taxes$14.9M$712.0K
Income tax expense-$26.0K-$1.0K
Net Income$14.8M$711.0K
Less: Net income attributable to noncontrolling interests$6.1M$10.3M
Net Income (Loss) Attributable to Wheeler REIT$8.8M-$9.6M
Preferred Stock dividends - undeclared-$6.6M-$8.3M
Deemed contribution (distribution) related to issuance of Series D Preferred Stock$1.4M-$552.0K
Deemed contribution related to preferred stock exchanges$9.6M$56.0K
Deemed distribution related to noncontrolling interests-$16.9M-$3.8M
Net Loss Attributable to Wheeler REIT Common Stockholders-$3.9M-$22.2M
Net Loss Attributable to Wheeler REIT Common Stockholders-$3.9M-$22.2M
Basic (in dollars per share)-$36.01-$346,484.38
Diluted (in dollars per share)-$36.01-$346,484.38
Basic (in shares)106.9K shares64 shares
Diluted (in shares)106.9K shares64 shares

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Leadership

Who has led Wheeler Real Estate Investment Trust, Inc., and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Jon S. Wheeler2013–2017
  2. Daniel Khoshaba2020–2021
  3. Michael Andrew Franklin2021–now

Chair

  1. Jon S. Wheeler2012–2017

President

  1. Jon S. Wheeler2012

Chief financial officer

  1. Steven M. Belote2012–2015
  2. Wilkes Jackson Graham2016–2017
  3. Crystal Plum2020–2021
  4. Jason Simone2026–now

Chief operating officer

  1. Michael Andrew Franklin2019
201520202025
Board members and other officers (32)

Timeline

  1. Aug 23, 2021New chief executive Michael Andrew Franklin becomes CEO14
  2. May 18, 2020New chief executive Daniel Khoshaba becomes CEO15
  3. Aug 26, 2013New chief executive Jon S. Wheeler becomes CEO16

Filings

764 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 168 major events, 147 insider forms, 89 large holders, 340 other. The latest 20:

  1. Oct 13, 2026424B3 EDGAR
  2. Oct 13, 2026424B3 EDGAR
  3. Oct 13, 2026424B3 EDGAR
  4. Oct 13, 20268-K EDGAR
  5. Oct 13, 2026PRE 14A PROXY STATEMENT EDGAR
  6. Oct 13, 2026424B3 PROSPECTUS SUPPLEMENT EDGAR
  7. Oct 13, 2026424B3 PROSPECTUS SUPPLEMENT EDGAR
  8. Oct 13, 2026424B3 PROSPECTUS SUPPLEMENT EDGAR
  9. Oct 13, 20268-K CURRENT REPORT EDGAR
  10. Oct 8, 2026SCHEDULE 13G EDGAR
  11. Oct 6, 2026424B3 EDGAR
  12. Oct 6, 2026424B3 EDGAR
  13. Oct 6, 2026424B3 EDGAR
  14. Oct 6, 2026424B3 EDGAR
  15. Oct 6, 20268-K EDGAR
  16. Oct 6, 2026424B3 EDGAR
  17. Oct 6, 2026424B3 EDGAR
  18. Oct 6, 2026424B3 EDGAR
  19. Oct 6, 2026424B3 EDGAR
  20. Oct 6, 20268-K EDGAR

The 764 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

62 open-market trades by officers, directors and large owners since October 2021: 28 buys and 34 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Sep 10, 2026HRT FINANCIAL LP10% ownerSale5,048$0.37$1.9KForm 4
Sep 9, 2026HRT FINANCIAL LP10% ownerBuy11,253$0.38$4.3KForm 4
Sep 8, 2026HRT FINANCIAL LP10% ownerBuy8,197$0.39$3.2KForm 4
Jul 8, 2026HRT FINANCIAL LP10% ownerSale66,584$0.49$32.6KForm 4
Jul 7, 2026HRT FINANCIAL LP10% ownerBuy40,591$0.61$24.8KForm 4
Jul 6, 2026HRT FINANCIAL LP10% ownerBuy21,703$0.08$1.7KForm 4
Jul 2, 2026HRT FINANCIAL LP10% ownerBuy17,348$1.39$24.1KForm 4
Jul 1, 2026HRT FINANCIAL LP10% ownerBuy14,698$1.14$16.8KForm 4
Jun 30, 2026HRT FINANCIAL LP10% ownerBuy24,997$1.38$34.5KForm 4
Apr 15, 2026Snyderman David J.10% ownerSale3,127$0.80$2.5KForm 4
Apr 14, 2026Snyderman David J.10% ownerSale4,910$0.77$3.8KForm 4
Apr 13, 2026Snyderman David J.10% ownerSale87,177$0.86$75.0KForm 4
Apr 10, 2026Snyderman David J.10% ownerSale1,413$0.83$1.2KForm 4
Apr 9, 2026Snyderman David J.10% ownerSale12,346$0.83$10.2KForm 4
Apr 8, 2026Snyderman David J.10% ownerSale6,234$0.86$5.4KForm 4
Apr 7, 2026Snyderman David J.10% ownerSale6,774$0.85$5.8KForm 4
Apr 6, 2026Snyderman David J.10% ownerSale6,503$0.92$6.0KForm 4
Apr 2, 2026Snyderman David J.10% ownerSale13,253$0.93$12.3KForm 4
Apr 1, 2026Snyderman David J.10% ownerSale3,332$0.95$3.2KForm 4
Mar 31, 2026Supernova Management LLC10% ownerSale12,378$0.93$11.5KForm 4

All 62 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Sources

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